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South Korea logs fastest GDP growth in a decade at 5.9% for Q2

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KIM JAEWON, Nikkei staff writer
July 27, 2021 08:08 JSTUpdated on July 27, 2021 13:31 JST

SEOUL — South Korea’s economy grew 5.9% on the year in the second quarter of 2021, as a recovery in private consumption and the government’s aggressive expenditure led the way.

The Bank of Korea announced the country’s gross domestic product for April-June on Tuesday, highlighting an increase in private consumption of both goods and services as the pace of COVID-19 vaccinations accelerated. The government also raised its outlays to support the economy.

The year-on-year figure is the best result in more than a decade, since the fourth quarter of 2010. Compared with the previous quarter, the economy expanded 0.7%.

“Private consumption and the government expenditure increased further, while investment in construction and exports declined,” Park Yang-soo, a director at the BOK, said in an online news conference. “Auto production and exports dropped considerably due to the chip shortage.”

Read full post : Nikkei Asia

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